Pet Insurance - An Unbiased Guide

This article does not try to sell you anything. It is Pet Sitter Swap's unbiased overview of what’s involved and what to look out for in the policy detail when choosing pet insurance.

Indeed, pet insurance is a massive business, worth billions of dollars each year. Even leading animal welfare charities now offer policies to compete for your business.

There are many different pet policies to choose from. None are cheap. Some come complete with small print that’s big on terms and conditions when it comes to making a claim.

Something Of A Gamble

Pet insurance is something of a gamble. On the one hand, avoiding high vet’s bills seems like a good idea. On the other, costs of up to $200 a year to insure a cat and up to $500 a year for a dog, can mean paying in excess of $5,000 over a pet's life for insurance cover that's never needed. But accidents can happen at any time, and poor health is more likely to occur with the onset of old age. And a vet’s bill for a road accident or serious illness can run into thousands of pounds.

It is undoubtedly true that being properly insured provides real peace of mind. Under normal circumstances most insurers will pay out if your pet is involved in an accident or unexpectedly suffers a serious mishap. Some will pay towards the cost of advertising for missing pets and a reward of up to $1,000 for their safe return. If the worst happens and your pet dies in an accident then money for a replacement may be offered.

The Small Print

Some insurers that claim to charge the cheapest premiums will only cover illnesses for a certain period (for example 12 months) or they may limit the overall amount that can be claimed in a year, regardless of the amount of veterinary fees you incur.

A careful perusal of the policy detail will reveal a list of exclusions and conditions. Things to look out for include:

• an unwillingness to cover your pet for any pre-existing condition
• an excess of $50 - $100 for any claim
• you having to contribute a percentage of the claim
• no payment if your pet dies as a result of illness or old age
• higher premiums if you live in a certain area
• higher premiums for certain breeds or species of pet
• a subsequent increase in premiums after you make a claim
• a decline of claims deemed to be the result of any behavioural problems on the part of your pet
• a refusal to offer cover for older pets

As it is difficult to predict if your pet will become ill one approach would be to simply save the money you would likely fork out on a pet insurance policy and spend it as and when necessary. However, this carries the risk of not having the cash to pay for treatment when it is most needed.

Leading animal welfare charities are concerned that when illness strikes some uninsured pet owners prolong the suffering of animals because they fear the financial consequences of seeking veterinary help.